If it said in the contract that you needed to sign the banks addendum then you probably should have reviewed it prior to agreeing to sign it. It was probably required at some point. Bank Addendum's are tricky. They are always slipping things into them. If the inspection period is the only issue then I would just agree to getting it done in 10 days. If the clock hasn't already started ticking. It's funny. Banks that have REOs are usually impatient with the buyers when it comes to wanting everything when they want it but then when it becomes time to get anything done with them, they are a pain in the you know what and slow as can be.
Good luck and congrats on your purchase!
The Carrabba Group
Keller Williams Hollywood Hills
Monique is right. You never know what a bank is going to put in their Addendum and you should make sure you know that before you agree to sign it.
On the other hand, is having an inspection in 10 days a problem? As soon as my clients get an accepted offer I am on the phone with the home inspector setting up the appointment ASAP.
Hope this works out for you!
If you're looking to back out of the contract, you may have that ability if anything changes from the bank's end on the contract. If you still want to buy the home, though, you usually just grin and bear it. Not all banks work this way, but most do.